Directional trading
The fund does not take outright views on the price of digital assets.
/ / 07 Risk architecture
Risk is a system, not a sentiment.
Limits, gates, and circuit breakers are encoded into execution — not held as opinions. Capacity is allocated within a budget that is monitored daily and reviewed at the position level.
/ / 03 Risk at a glance
Documented controls
6
Defense-in-depth layers
4
Monitoring cadence
Daily
Directional positions
0
Risk policy, position-level reporting, and incident history are provided to qualified allocators on a confidential basis. Past performance is not indicative of future results.
/ / 01 Controls
Six controls, monitored and documented.
Each trade passes through documented sizing, limit, and review layers — before execution and after.
01
Position limits
Per-instrument and per-strategy caps documented in policy and reviewed before order entry. Breach attempts are logged and require documented sign-off before any limit change.
02
Venue caps
Capital exposed to any single venue is bounded by policy. Concentration limits are reviewed regularly so a single counterparty event is intended not to compromise the book.
03
Drawdown gates
De-risking procedures trigger at predefined drawdown thresholds. Re-engagement requires documented sign-off — not a single discretionary judgment.
04
Liquidity controls
Position sizes are sized to the realistic exit liquidity of the venues they are deployed on. The book is stress-tested against thin-tape scenarios.
05
Daily monitoring
P&L, exposures, and limit utilisation are reviewed each session. Reports are generated daily and reviewed by the risk lead before market open.
06
Counterparty & contract review
Venues are reviewed before exposure. Smart contracts and on-chain pools are evaluated for code quality, audit history where available, and operational track record.
/ / 02 Governance
Risk policy is documented separately from execution.
Risk policy is documented separately from execution decisions. Limit breaches are recorded and reviewed; changes to limits require documented sign-off.
i
Separation of duties
Risk policy and execution roles are documented separately. Limit changes are logged and require sign-off recorded outside of the trading log.
ii
Pre-trade enforcement
Limit checks are performed before order entry where supported, with documented review on breach.
iii
Periodic review
Limits, venues, and strategy weights reviewed on a recurring schedule and ad hoc on material market events.
iv
Documented incidents
Every limit breach, system event, or operational incident is logged and reviewed.
v
Allocator-facing reporting
Risk metrics are surfaced in monthly reporting; supplementary materials available on request to qualified allocators.
/ / 03 Out of scope
What we do not do.
As important as what the strategy does is what it explicitly does not do. The boundary is documented and reviewed.
Unbounded leverage
Gross leverage operates within a documented cap; leverage is not used to amplify directional outcomes.
Unverified counterparties
Venues and on-chain protocols are vetted before exposure. Exposure to unvetted counterparties is excluded.
Speculative assets
Exposure is constrained to liquid markets with established depth. Illiquid or speculative assets are out of scope.
/ / Discipline
Limits and gates, encoded into execution.
Controls are structural, not discretionary — monitored daily and reviewed at the position level.
Risk policy & disclosure available to qualified allocators.
Full risk policy, position-level reporting, and incident history provided on a private basis after introduction.